Ferguson, a value-added distributor in North America providing expertise, solutions and HVAC, infrastructure, plumbing, appliances, fire and fabrication products, reported sales for its fiscal third quarter 2023 were $7.14 billion, down 2% from the prior-year period.
Operating profit for the quarter was $497 million, down 30.2% from the prior-year period.
Sales for the first nine months ended April 30, were $21.9 billion, up 6.3% from the prior-year period. Operating profit for the first nine months was $1.88 billion, down 6.4% from the prior-year period.
“The year is progressing as expected and our associates again delivered solid results, leveraging our scale and core strengths to help our customers navigate their complex projects,” said Kevin Murphy, Ferguson CEO. “Our balanced business is serving us well in challenging markets. During the quarter, we continued to take targeted actions to manage the cost base and working capital to deliver strong cash flows.”